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with the country. plus his plans to fix the gop. >>> plus president obama's tax push. he wants the rich to pay up but is it fair? >>> and one of the most influential spiritual leaders in the world, america's pastor, rick warren. he was there at barack obama's first inauguration. will he be there again? we're talking politics, same sex marriage and the "two and a half men" star whose christian conversion has him attacking his own show. this is "piers morgan tonight." >>> good evening. our big story tonight, countdown to financial doomsday, the fiscal cliff and the clock is ticking. 35 days left before this massive sweeping tax hike. america's now at the mercy of washington, hoping that both sides can end the fighting and make a deal. anti-tax champion grover norquist last night told me he's keeping republicans to the no tax increase pledge they made decades ago. but should his party back away from that promise? joining me in his first interview since the election, reince priebus, chairman of the republican national committee. welcome back, mr. priebus. how are you? >> doing great, piers. how are y
>>> tont mute any in the gop. republicans rethinking the no new taxes pledge. will they turn their backs on norquist to save america? tonight i'll ask him himself if he's losing the fight. willie nelson is back on the road. how many girls has he loved before? >> the reason divorces are so expensive is they're worth it. >> the hits am keep on coming for willie nelson and i don't mean his songs. >> i he probably did, i he probably did. >> a very entertaining interview. this is piers morgan tonight. good evening. the big story tonight teetering on the edge of the fiscal cliff about 36 days to go until fax increases kick in. the white house and congress are playing a high stakes game of let's make a deal. president obama spoke with john boehner this weekend and expressed confidence the deal can't be reached before the deadline. that's what most americans want. in the the latest poll. >> when you're $16 trillion in debt, the only pledge we should make to each other is to avoid. >> you signed it 20 years ago, 18 years ago is for that congress. the world has changed. >> joining me n
. >> they voted for government that works. >> we don't understand why raising tax rates is the solution. >> can party leaders get a deal? >> impossible. >> all this talk about taxing the rich is nonsense. >> grover norquist. >> you speak of grover norquist. >> he's an entertaining warrior. >> pledge mentality is really on the run right now. >> speaker boehner clearly wants a deal. >> he can't have one arm tied behind his back. >> the top 1%, only 42% of the wealth. >> 48.5 million people lived below the poverty level. >> we should ask the wealthy to start paying their fair share. >> the american sense of fairness, no one should pay more than 25%. >> today's republican party has imploded. >> they are in denial. >> they are looking for someone to blame. >> grover is no longer speaking for the party. >> they may not be willing to just die on this hill anymore. >>> good evening. i'm ezra cline in for lawrence o'donnell. the craziest thing is happening in washington right now. you've probably heard of the fiscal cliff or as lawrence likes to call it, the fiscal curve or as my friend calls t the aust
for middle class tax cuts only. he has a $30 billion temporary targ target. that is not rising above the fray. rural towns are seeing a drop indiana coi indiana coi in, income. it is a free market revolution. first up tonight. the count down continues. >> entitlements are off the table. i don't see how john by nor aoe going to take them out. you guys lost the election. president obama said he was going to raise taxes on the richest 2%. why is this a surprise? that is what happens at the end of the year. it is a little slow. we'll get over that. come january first, they will pass the tax cut for 98% of the people. >> i didn't think this was a mandate. i agree your man won. but jim, the basic deal was, okay, john boehner acknowledging what this was. putting this on the table and he said this a million times in return for some. modest reform. while the biggest stuff waits for next year. if the democrats say it is off the table and if harry reid is trading bars with mitch mcconnel, what is up here. senator durban said, it shouldn't be ps deal. i don't think there is a bar gain to be had. it is a
for a tax increase. we could ask president bush how his second term went after he broke his pledge. did he damage the pledge or by breaking his pledge, he lost a second term for the presidency. >> and this morning, even fox and friends were getting all philosophical about till death do us part pledges. >> i think you get into really difficult situations in relationships in general when you make people sign on the dotted line and then you crucify them if they decide to change their line. i'll bring it back to marriage. marriages don't work when one or both parties stand on both sides of the fence and say i'm not budging. then you get divorced. that's what happens. >> crystal, let me explain this being dumped thing to you because i know you've never -- >> it's happened once or twice. >> stop. you lost an election, so you have some sensation of what grover is going through. >> poor guy. i feel for him. it is remarkable because he's had this pledge in place since 1986. george h.p. bush violated the pledge, it essentially led to newt gingrich and the contract for america and we have been living
're going to delve into any type of serious reform on the tax or entitlement side or even a framework by christmas. oh, yeah. i guess i'm the tooth fairy. >> bill, so what do you do here with no fiscal cliff deal yet, with whispers of possibly the fed stimulating the economy even further, and with economic data pouring in almost daily that suggests we're still sputtering along? >> well, i tend to think 2013s going to be a great year. i'm not just looking at housing and employment. i'm looking at the architectural building index. there's stuff in the draw room. they're ready to bid out this winter and break ground in the spring. the republicans know that. the democrats know that. i would agree with rick. right now it's hard to imagine they can come up with something. we know they can. we know the democrats can say, okay, we'll give you something on means testing entitlements and we'll move the social security age up. republicans will say, we'll get rid of second mortgage deductions. they can do it. i don't think they really want to do it yet. so we just sit here sort of up 100, down 10
an alternative minimum tax he had been talking about for the really wealthy. >> 30% or something. >> anybody from 1 to $10 million. also talked a little bit about raising the -- >> same thing he's been saying all along. >> he added that when it comes to who should be paying the higher taxes, he wants the threshold to be $500,000. >> and you see steven rattner on on talking about capital gains, deductions and things you've talked about a lot. >> time for the global markets report. ross westgate totally still confuse aed about thanksgiving and pilgrims. what was all the hoopla about? you celebrate boxing or something, don't you? like we lost a great boxer. is that what you celebrate? what is boxing day? >> boxing day, the day of a christmas. >> you wrap all your presents in boxes? >> i think it's something to do with all the presents. i'm not quite sure. >> yeah, put them in boxes. >> maybe. >> so you ignored our thanksgiving. but feeling okay again? >> yeah. you know, it's okay. it's all right. it's gone. now we can concentrate on the run up to christmas. and how much shopping we have to do. >> a
me smile until the numbers come out. and then you will get taxed to kingdom come. it will not even help the deficit. warren buffett can help them out. lori rothman and melissa francis with more coming up. dagen: the market is up, that is good. good afternoon read >> pushing for middle-class tax cuts without any spending concessio concessions, president obama to meet with business leaders on the fiscal cliff after speaking just last hour. we'll ask lou dobbs that he thinks ceos will help to make deals happen. >> now washington is looking at the one sacred mortgage deduction, maybe get rid of it to help heal the budget crisis. >> charlie gasparino on the future of the firm. time for stocks as we do every 15 minutes, before the new york stock exchange, nicole petallides on the floor. a deal is possible by christmas. >> hoping to get some positive comments from john boehner. he is optimistic. a nice little boost. from negative to positive to the session highs, no 50 points away from dow 13,000 once again. the dow once again up 73 points. you have a lot of winners. the banking index is
this morning surrounded by, quote, middle class americans who will see their taxes go up if no deal is done. he'll sit down with more than a dozen ceos hater today including several who were prominent supporters of mitt romney. the white house even has a new hash tag called #pound#my2k. i asked jay carney whether this is just a game of running out the clock until the real negotiations begin in late december. is everything just killing time until the deadline comes? >> no. >> it seems everybody -- >> it doesn't feel like killing time. >> killing time until the final week and the jet fumes of the airport and then everybody will sit down and hammer this out. >> well, look, here's a fact, the president has on the table a proposal that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put forward a plan. >> the white house and republicans are ramping up their pr, something significant is happening behind the scenes. both sides appear to be preparing their own basis to eat their vegetables, if yo
look at the relative yield, not only is there a tax advantage you're picking up significant yield. >> michael, what would you buy here? >> how about this, gold? let's bias sets where people will be nervous and flee to assets that give them some sense of comfort. i think gold will be a $2,000 an ounce trade sometime in the next 12 months. again, i also agree you need to buy -- you should not buy treasury. i think treasuries are a bubble waiting to burst. i like municipal bond trade. i like intermediate to short term average quality corporate bonds where you're not really paying so much for the high corporate quality rate. i think you can get better yields. as russ mentioned, absolutely, investors are going to have to have some money in fixed income. you can't set in cash at zero percent, it will kill you from an inflation point. >> i've been at cnbc since 1998. sing the piece of advice given over and over is whatever you do, don't buy the long end of the treasury curve because it's a bad investment. and yet it has been the greatest investment. at some point that's going to change,
at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of -- they back off and they might even look like they're fighting. but do they eventually, you know, do it? >> well, i think certainly everybody hopes so. because it would be better than if they don't. >> that didn't
is voicing support for tax hikes for americans just like him. >> i think it would have a great effect in terms of the morale of the middle class who have seen themselves paying high payroll taxes, income taxes and then watched guys like me end up paying a rate that's below that, you know, paid by the people in my office. >> joining me now is wisconsin's republican senator ron johnson. senator, it's great to have you with us this morning. and as we talk about what's taking place in washington, d.c. right now, the million dollar question is all concerns around senators lindsey graham, saxby chambliss, congressman peter king among other republicans who said they'd be willing to break away from grover norquist's anti-tax pledge. will you say if you're willing to break that pledge in order to save the country from the fiscal cliff. >> hello, thomas. and first of all, i signed that pledge two years ago, and the reason i signed it is because i think increasing tax rates, increasing the amount of money that the federal government takes away from job creators is going to harm economic growth a
more than $500 billion in automatic spending cuts and tax hikes from taking effect. a potentially big sticking point in those talks, that no new tax pledge of that more than 250 republican lawmakers have signed. athena jones us from the white house. two more republicans who signed the pledge said they would be open to tax hikes if they get other concessions. >> reporter: that's right, fredricka, and this is a bit interesting to see. they're talking about this pledge from the grover norquist group. he's the anti-tax crusader. his group has gotten the majority of republicans in congress to sign this pledge to oppose any effort to raise taxes in any way. so first we heard from a senator out of georgia, a republican, who said for his country he would break this pledge because if you stick to that pledge you won't be able to reach an agreement to bring down the debt. today we heard from south carolina republican senator lindsey graham and also from new york congressman peter king responding to this idea and jumping on the bandwagon with chandliss. let's listen to that. >> when you're $16 t
sure raising taxes on the wealthy is part of the deal. politico is calling them cliff jumpers. l good morning to both of you. >> good morning. >> let me play a couple of clips to start out about the pledge. >> i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> a pledge you sign 20 years ago, 18 years ago, is for that congress. if i were in congress in 1841 i would have supported declaration of war against japan. i won't attack japan today. the world changed and the economic situation is different. >> i am not oblg gate on the pledge. i was just elected. the only thing i am honoring is the oath that i take when i serve when i am sworn in in january. >> chambliss already made a similar statement last week. the question is is this a real softening of positions? does it give them room to make deal. >> two things. first, let's look at the real room being created. so far i haven't heard anyone say i am willing to raise marginal tax rates as part of a deal. they're arguing with the head of the antitax coalition about whet
popular mortgage deduction. and while republicans have been more open to revenue, that does not mean tax rate increases. many democrats insist that tax rates for the wealthiest americans absolutely have to go up. but they don't necessarily agree on how much they should rise. let me bring in usa today's washington bureau chief, susan page, and ryan grim. good morning to both of you. >> hey, good morning. >> good morning. >> we've laid out some of the basics there and warren buffett was out this morning talking about taxing the wealthy. he says there should be a minimum tax on millionaires. take a listen. >> i think it would have a great effect in terms of the morale of the middle class who have seen themselves paying high payroll taxes, income taxes, and then they've watched guys like me end up paying a rate that's below that, you know, paid by the people in my office. >> you know, he was the one that in a way started all this, susan, because he talked about he shouldn't pay a lower tax rate than his secretary. now he's saying that taxes should rise, maybe for people making over $500,000
, that what moved up nicely is going to be the piggy bank that gets cracked first before the tax man comes based on the unknowns of the fiscal cliff. >> would you buy gold here, michael? >> no, no. i'm going wait for it to wash out a little more. then i'm going add to my positions. i have a -- >> you don't weigh gold outright. >> you have to own some gold. qe-4 is coming. no doubt about it. they're already doing $40 billion per month. it's going to be $85 billion of unsterilized counterfeiting per month starting january 1. how do you abandon gold in that premise? >> that's exactly right. we're playing it a little bit differently. we like some of the gold-related companies. >> the miners have gotten beaten up. they got beat up much worse than the actual metals. >> there's cost and exploration you have to factor in. >> are those your best ideas? >> no, actually. i think you can still -- i'm half if cash. i think you can look for areas to enter in o short position on lockheed martin. >> defense stocks because of the fiscal cliff. >> yes, but once that gets solved, i think you have a huge rall
the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services committee said automatic cuts to government spending could impact public safety. >> i think you should be worried if you have a defense job and we all ought to be worried whether we are dependent upon other aspects of the federal budget. whether we're worried about the regulation of our food safety, whether we're worried about our borders being secure, whether we're worried about fbi being supported, it's all affected by sequestration. >> joining me now, cnbc washington reporter eamon javers. you heard the numbers
at the white house surrounded by middle class americans who he says would see their taxes go up if congress can't make a deal. later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker boehner and congress on one side and president obama and his team on the other. so it's a sign, but we've still g
at the white house this afternoon to make his case for higher taxes ahead. we will also go to the home state of a kai player in tey pl talks. >>> the chevy volt struggling to work with car makers aed car buyers. why is general motors doubling down with its big bet in electric and has it jumped its sales? >>> facebook stock up 10% in the past week and 30% the past two months. has it finally turned a corpser? >>> speaking of corners, we have switched corners, tyler, the gentleman that he is, is braving you the snow and the ice in new york city and he is down on the floor of the new york estock exchange. >> a mucky day. not since 2008 has it been so high. more evidence the housing recovery is taking root. prices rising in the big cities but a warning we may head into a recession next year if the u.s. and europe don't solve their fiscal messes. right now the dow industrials a built of a breather down 21 points. >>> meanwhile, 34 days to the fiscal cliff. will a deal be done in time? today, president obama meets with small business leaders to make his case for the possibility of higher taxes ahea
of raising taxes in the face of the fiscal cliff. >>> courageous until the end. a former mayor in mexico who fearlessly stood up to the drug cartels found murdered. >>> and face-to-face behind closed doors today, u.n. ambassador susan rice takes on one of her sharpest critics, senator john mccain, over her actions after the benghazi attack. good morning and welcome to "early start," i'm deborah feyerick in for john berman. >> really nice to have you. >> i'm so glad to be here. >> i'm zoraida sambolin. it's 5:00 a.m. in the east. first, congress back to work, and back to bickering. in just under 35 days, america hits the fiscal cliff. that triggers severe spending cuts and tax hikes. several top republicans are now defying party politics and signaling a willingness to consider increasing tax revenues to get a budget deal done. but when the lame duck senate got back in session yesterday it sure sounded like the same old broken record. >> the senate has spoken. president obama has spoken. he's promising he will not sign any bill that mortgages our future to pay for handouts to the wealthiest 2%
't act, if the president doesn't act, in unison, your taxes are going up come january 1st to help raise revenue to pay down the national debt. stay with me here for a moment because we'll show you exactly, you know, how much your taxes will be rising. but here's the thing. it doesn't have to happen, this predetermined jump in income taxes and the new parlor game on capitol hill is to pick the next republican, follow me here who is willing to break a no tax pledge made to a very powerful lobbyist, in order to cut a deal with the democrats to focus the pain of new taxes on the wealthy. see this picture? see these three guys. here is yet another republican speaking just this morning. >> i'm not obligated on the pledge. i made tennesseans aware i was just elected that the only thing i'm honoring is the oath that i take when i serve when i'm sworn in this january. >> so republican senator bob corker is saying his oath of office trumps any no tax pledge made to washington lobbyist grover nor quist. republican saxby chambliss says he cares more about america and the fiscal mess we're in than h
and congress fail to reach a tax deal because that will mean huge tax increases and spending cuts would automatically kick in january 1st. today several key republicans backed away from a pledge banning tax hikes including senator lindsey graham and congressman peter king. are we inching closer to some potential compromise. athena joan has been following the fiscal cliff negotiations. >> martin, with congress returning this weekend, not much public evidence of any real progress on a deal the avoid the fiscal cliff. folks here in washington are wondering if this week will prove a turning point for republicans and democrats. members of congress expressed optimism sunday about the prospects for reaching a deal to avoid the fiscal cliff. a series of tax increases and spending cuts next year that could do serious damage to the economy. they also sounded warnings. >> we can and must get an agreement. otherwise i think first of all the markets are going to start reacting. >> it's not a done deal and not a certainty. if congress does nothing, which congress has gotten pretty good at doing these
that congress ought to take a deal offered by democrats to go ahead and extend the bush tax cuts but only for the people below $200,000 in income. here's the president. >> the senate's already passed a bill that keeps income taxes from going up on middle class families. democrats in the house are ready to vote for that same bill today. if we can get a few house republicans to agree as well, i'll sign this bill as soon as congress sends it my way. >> reporter: this is the president trying to take advantage of having the high ground in public opinion but we've heard from erskine bowles in the last 24 hours that the white house is privately showing some flexibility on the issue of the top tax rates. the administration believes they have to go up swla to get money they need to strike a deal, but not necessarily to 39.6% according to erskine bowles. >> john harwood, thank you. >>> investors of course watching the fiscal cliff chess match very closely. as bob showed us, the markets are moving on every bit of news. will there be a compromise to talk about that on capitol hill, senator john hovan
it with me, 35 days to avoid the dreaded fiscal cliff, the huge package of tax hikes and spending cuts set to take effect january 1 if congress and the president do not cut a deal. we're told they have been talking behind the scenes and president obama has already hosted congressional leaders for a post election sit-down. but the president is also launching a new pr effort, a campaign, some are calling it here, starting with the white house meeting today, of small business owners. then tomorrow, the president hosts more business owners and a group of middle class americans who would be hurt if the tax hikes take effect the first of the year. then friday, a campaign style stop in pennsylvania, a toy factory of all places, highlighting the importance of middle class consumers in this holiday season. but back in washington, senate leaders, they are speaking out. you have democrat harry reid saying the president won the election. and it is time for republicans to fall in line. meantime, republican mitch mcconnell not impressed with the president's plans to go back on the road. take a listen. >
,000 people in a room. doesn't really matter. norquist saying don't have a deal. have to raise taxes. democrats don't seem to favor lowered defense budget and favor higher taxes for the rich and so we're done. i think we're done. >> after durbin speoke yesterda, if you're going to get a blueprint, he doesn't want entitlements be part of it for next year. >> it's the 1,000-point solution. maybe that will change their mind. durbin said no. norquist is saying no tax increase. what else is there? am i missing something? what am i missing? blankfe >> stallen made a lot of sense. mass murderer about you doesn't mean he didn't make sense. >> blankfein, kent, mayer, roberts of comcast. is there anything these guys can say to change their tune? to get people -- >> we're just past thanksgiving. let's give it a little time. things can change. we've seen lots of back and forth. everybody is establishing their negotiating position. there's still a negotiation to come in some way. i'll take the optimistic view. >> maybe that's where they are starting from. >> a reset button? >> we have yet to get
of tax cuts will expire. there will be spending cuts and there will be jobs lost. john harwood with the latest from washington now. john? >> tyler, i'm pretty sure those congressional leaders' bellies were full even before thanksgiving. as you can see from the meeting they had just before the thanksgiving break, they were off to a smiling start with the president of the united states but there hasn't been much progress made since then. let's go over the fiscal cliff by numbers. first of all, they're all one. there's one month left before we go over the cliff if nothing is done. two, there's 1.4 percentage points that the white house says would be shaved off of gdp if middle class taxes go up between now and then. there's about $1 trillion which a democratic aide in the senate tells me they would need for a down payment deal to be done by the end of the year with the remaining three-quarters of the deal to be done early next year if they're going to get one. finally, there was one phone call over the weekend between president obama and house speaker john boehner. now i just hear
small business tax hikes. got to love that one. meantime democrats continue to announce tax hikes. tomorrow senator dick durbin will bill what's major address to lay out the progressive case for a bipartisan deal and later this week the second white house meeting with meetings from both sides of the aisle. joining us is our post tag team bill russert and bloomberg's stephanie ruhle. she rules. unwrap that for us, brother. >> well, they would say the good news is that there has been some movement from senate republicans on the issue of raising taxes. lindsey graham, saxby chambless talking about a tax revenue. medicare, medicaid, perhaps we could have some meaningful entitlement reform. that's the good news, that there seems to be this idea that we can work out a big partisan deal. we both know taxes going up. entitlement, benefits going down. however, when we get into the bad news is that while this is all fine and dandy coming out of the cincinnati, toure. the real negotiations are going to happen between president obama and house speaker john boehner. it's a lot different animal
have on the tax treatment of dividends out there? you get all these companies imposing early dividends, special dividends to try and slip it in before the end of the year. yet, you're still buying high yield right now. >> that's right. the reason i'm not worried is the high yield side of our strategy is preferreds, high yield bonds, mortgage-backed securities. those are areas that don't have the preferential treatment on the income stream right now. it does include the dividends on the common stocks that have the qualified dividend preferable tax treatment. the areas we're investing in high yield, in fact, if the taxes on dividend paying stocks goes up on a relative basis, they look even more attractive on a comparable basis. >> steven, what are you guys doing on the floor right now? there are an awful lot of guys who have been skeptical on the rallies recently. are you among them? >> i think long-term david is right. but right now, there's going to be a lot of bumps in the road. you can play both sides. where was the s&p resistant today? it was resistant at 1407 three times. that was
mitchell live in washington. congress is back. grover norquist's tax pledge could be history. and all eyes are now focusing on house republicans as talks to avoid going over that so-called fiscal cliff are picking up steam. joining me now, mark halperin, senior political analyst for "time" and msnbc and ruth marcus, columnist and editorial writer for the "washington post." to you, mark, what is your read about what we've been hearing the last couple of days about grover norquist, the pledge and how much running room the speaker does have to b negotiating a deal. >> i did a spit take with my fruity pebbles watching "morning joe" because eric cantor's tone was unlike anything i've ever heard. his office is saying oh, no, he's against raising marginal rates, but it's clear that in the scheme of things, the biggest piece is does john boehner have enough running room to strike a deal involving some new revenue. i still am of the belief that the vote in the house, which will be a cliff hanger no matter what happens amongst the leaders in the white house, it will be a tough vote. i think it will
will be meeting with small business leaders. at issue of course is the series of tax increases and spending cuts that kick in at the end of the year if congress doesn't act. >> there will come a point in time where we can't borrow anymore money and interest rates will sky rocket. >> cnbc's raise above campaign continues. we're asking who has the courage to rise above partisan politics and find a solution. among our guests, three men who understand washington, wall street and corporate america very well. we have the chairman of president george w. bush's council of economic adviser, ed lazear, roger altman, and real estate tycoon don peebles. but let's cover this morning's top headlines. >>> we do have a lot in the corporate headlines this morning including equity residential and avalon bay communities agreeing to buy archstone from lehman brothers holdings. the price tag, about $6.5 billion in cash and stock. the deal gives lehman cash to help pay its creditors as it liquidates. but it paid $22 billion for this company originally. so $6.5 billion versus $22 billion, and you can see how lehman go
to revisit this. taxing legislation has to come through the house of representatives. so there's john boehner's mandate. >> now, donna, there's another quote from that article in the cincinnati inquirer i want to show and ask you about. he said in it there are essentially three major routes to repeal the president's law, the court of congressional process, with those routes coming up short, the third and final one becomes more important than ever. do you think that's the message of the last election to try to essentially repeal obama care by investigation? >> no. that's not the message. i understand that speaker boehner is still trying to pander to those who lost the election, but the truth is is that two-thirds of this law is already being implemented across the country. some of the most important provisions are about to be implemented in 2013. and of course 2014 when the state exchanges come into play. i think it's important to focus on implementing this law to ensure that we get the kind of quality care, you know, that all americans deserve. and the fact we're trying to insure millions of
hypothetically, what the present has asked for, to let the tax rates go up on the top brackets, it would run the government for a limited period of time. so the president really needs to tell us what his plan is. i'm increasingly pessimistic, not optimistic, because the president seems to be campaigning, rather than going anywhere and doing anything to get a deal. because if we don't get a deal, it will hurt a lot of people. >> are you saying that the way we're going now, we could actually go off the fiscal cliff? >> we don't know what the president has said he needs, because revenue is not enough to solve the problem. as you know, we have a trillion dollar annual deficit and this would not close that gap at all. so the president needs to come up with a plan and for better or worse going to require leadership. no member of the senate or the house is going to be able to do this, this is something the president has to do by himself and he can't do it on the campaign trail. >> let me ask you this because you wrote an op-ed today and you wrote about divided government about the deal. you said di
on the fiscal cliff, chances are we get a slower economy next year because of the higher taxes and cutting spending? >> i want to touch on something that liz just said. i have tried to get her to play along with this game. >> i gave up long ago. >> she always resists me when i try to pin her down on the number. i guess she's smart. as you mentioned, a fellow from morgan stanley coming out saying, look, i blew it. it's a pain for me. i don't want to do this. i think what they're banking on is this whole fiscal cliff thing, the europe thing. all of the head winds for the market are never going to see the worst case scenario. i think just kind of the picture is this muddle through going forward. i called up today and tried to -- i talked to some of the most bearish people i know. they're all just kind of saying, yeah, we're going to muddle through. the fiscal cliff is going it get resolved one way or the other. europe is going to get resolve one way or the other. i think this is one of -- >> steve, he brings up a good point. consumers are not worried about the fiscal cliff. intraday trading t
for states because, of course, you have to pay taxes on any of your winnings. so with the lot he commission increasing the price was generate revenue. they did and wow they will with this jackpot of $500 million. >> alison, did you buy a ticket? >> reporter: oh, no, i have no problem admitting it. i will go ahead and buy a few tickets of my own. >> good luck to you. thank you. we'll talk to you soon. >>> the other big story this morning, if at once you don't succeed, try, try again. susan rice, the u.n. ambassador returns for a second round of meeting with republican senators. rice failed to win over her sharpest gop critics yesterday still troubled about her comments following the u.s. attack in the u.s. consulate in benghazi that spring from a protest. she told "ac 360" that rice misled the american public. >> she would say that. she would have to say that because she began our meeting today admitting the representations of the video and the protests were wrong. and the impression left the american people misleading. >> senators graham and mccain are now more concerned than before they me
the no taxes pledge created by the president of americans for tax reform, grover norqui norquist, the two most terrifying words a republican can hear, other than buenos diaz. but now some republicans are abandoning the anti-tax pledge as fast as they abandoned -- what's his name? don't help me. don't help me. rip flambe -- no, that's my personal trainer. >> all right. good morning. it's wednesday, november 28th. look at this live look at rockefeller plaza. it is just lit up. gorgeous. >> you know what happens tonight? >> oh, yes, the big tree lighting. >> big commerce -- >> exciting for all the children. >> all right. welcome to "morning joe." >> mike, do you think that's going to whip people into a buying frenzy -- >> it's comcastic. >> a five-year running joke. >> i guess he wasn't paying attention. >> yes. >> national affairs editor for "new york" magazine. john heilemann and andrea mitchell. >> a lot of people say, i'm in trouble. and they've got these little arm bands now, wwjd. what would joe do? so what do i say? you've seen those, wwjd. >> everywhere. >> i say make a mistake, just step
will bring with it more than $500 billion in tax cuts and spending cuts. mr. obama is in meetings with small business owners from across the country today. he is not, however, meeting with leaders of congress today. our dan lothian is watching the comings and goings at the white house. and at some point, dan, congress is going to have to either come together on this and work with the president on this, and yet we're seeing all these various different meetings all around the communities and the country. it looks like there's a particular strategy that's playing out when it comes to the president right now. >> reporter: that's right. a lot of negotiations have taken place in the staff -- on the staff level. the president himself did speak with speaker john boehner on the phone over the weekend. there was that meeting with the lawmakers, the leadership just before the president went overseas on his southeast asia trip. but so far, no additional meetings that we know of on the schedule for the president to sit down with congressional leadership to try to hammer this out. i can tell you that i sp
almanac had today. >> we want to know what taxes are going to be. there is a big -- one of the things i look at the charts every weekend. i'm pathetic. i have them delivered to my door. everything stops in the house. utility stocks are horrendous. i think that's people saying, look, dividend is going to -- >> 39.6 on your dividends will be a different story. >> have you seen those charts? they are the worst. >> i get them delivered as well of course. >> who doesn't? >> saturday morning i like to get up and look at my charts. >> i think we have something in common. i feel better. >> three tech companies known for their beaten down stocks are getting good news from the street today. facebook upgraded to outperform over at bernstein. cibc raising rimm and yahoo! added to the conviction buy list at goldman sachs. cnbc and yahoo! have a business alliance to share and co-produce editorial content. my favorite is rimm. >> i love that. >> the blackberry 10 is locked in for january 30th. they say the carrier feedback will become more clear and a lack of new competing devices -- not sure on what
the automatic spending cuts and tax increases. he said going over the fiscal cliff would pose a substantial risk to the economy. according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think. >> yeah. or maybe we can just talk about 2016. >> we could do that as well. how are you doing, willie? >> i'm doing well. >> good. just two weeks after the longest -- >> thanks for stopping by. >> doing well. >> you know, just two weeks after the longest, most expensive and exhausting election in u.s. history eyes are turning to 2016 as speculation begins over the next batch of candidates lining up to run for president. >> who could that be? i know it's going to be a surprise. >> i know it is too. we'r
forward ahead of tax changes next year. the question is who's next? >> greece gets the bailout payment as the eu and imf agree on terms of debt sustainability. where does it leave the greek economy which has already shrunk by nearly a fifth? >>> and warren buffett on tv this morning saying he wouldn't sell a single share of stock even if he was guaranteed the u.s. goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in terms of what we've seen in this market. look how excited he is. and they finally got it done. it's been one as you pointed out that was around in 2011. they couldn't get it done. that is conagra. they walked away. ralcorp stock price fell dramatica
. neutrogena®. >>> all right. love to shop but hate the crowds? you can shop online and maybe avoid sales tax. you have to wait a day or two for your stuff but amazon claims some are willing to pay tax if it means faster delivery. kwould you believe same day? we look at what this means for you and for your friendly neighborhood merchants. >> reporter: online versus brick and mortar. it has perhaps never been so intense. for years amazon had a key advantage in states like california. no sales tax. local bookstores already under pressure by the rapid rise of e-books and chains felt squeezed. michael tucker owns a chain of bookstores in san francisco. >> if you could save 10%, why wouldn't you? >> reporter: but amazon's tax advantage tax advantage went away. it also began taxing in other states like pennsylvania and texas. they collect only for states where they have a physical presence. now here in california, amazon is building two giant warehouses. including this one near los angeles. it's a million square feet. and for the old fashioned retailers, it's another reason to worry. why? because a
as americans to be as certain as death and taxes and that is if there's something that's going to suck in a particular presidency, it's probably going to happen in the second term. that's been true for so long that this white house has to be keenly aware of the famous second-term curse. and in fact, the president says he's aware of it. >> i don't presume that because i won an election that everybody suddenly agrees with me on everything. i'm more than familiar with all the literature about presidential overreach in second terms. we are very cautious about that. on the other hand, i didn't get reelected just to bask in reelection. i got elected to do work. >> it is explicitly with the context of difficult second terms in mind that president obama right now is reviewing what his options are for what he wants to do now that he's reelected. also put more democrats in the senate and more democrats in the house to go alongside. there's no shortage of advice about what he should do in his second term that he was not able to do in his first. "the new york times" says he should close guantanamo
with small business owners to keep the focus on letting the bush tax cuts expire for the rich. it's all part of a campaign to get a fair deal done. tomorrow he'll meet with a group of middle class americans who will explain how they'd be affected if republicans let their tax rates increase. he'll also have another meeting with ceos. on friday, the president's heading back on the road. he'll visit a pennsylvania toy manufacturer that depends on middle class shoppers, especially during the holiday season. this president knows how to make the case for the middle class. but will he be able to convince the rest of washington to get on board? joining me now is victoria day fran ce francessco society toe and dada milbank. thank you for coming on the show. victoria, how important is this new campaign? >> it's incredibly important. we've seen the president and his team have learned from their mistake. the mistake of 2010 of not capitalizing on the mobile outreach they developed with the 2008 campaign and instead they ended up with a shellacking. the last was wasting time and energy early on in his ne
taxes and reduce the debt. are you kidding me?! push the pause button? we already pushed the pause button in 2011. these representatives were sent back to washington to get something done now. in fact, pushing the pause button could destroy america's credit rating and further harm the economy. mark zandi, chief economist at moody's analytics says, "if we can kick the can, at some point moody's is going to downgrade. you're going to create more instability in the financial markets." zandi said it would be better to do nothing than to create an extension. republicans and some centrist democrats are definitely not getting the message. when the president won re-election, he said his number one priority is to reach an economic deal by reaching across both sides of the aisle. >> i want to be clear. i'm not wedding to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges. but i refuse to accept any approach that isn't balanced. >> republicans and some democrats stop listening right there. if you let the president just contin
way to do that and come back over tax reform next year. i think what the signs are that the president wants to raise tax rates on the wealthiest 2% of earners, a balanced approach, but the republican party is saying, hey, wait a minute. let's close tax loopholes, close deductions. that's a better way. so i think they are looking for are a path down the middle. >> doug, try to reconcile all of this. you have "the washington post" which highlighted the number of polls showing people want smaller government but they don't want cuts in any of the entitlement programs. they do want the deficit cuts. you can't have it all, right? >> right. well, if you look at the exit polling, most were supportive of raising rates on the rich and that has been consistent throughout this election season. i'm bullish. i don't know if it's the turkey or the drink or the redskins victory yesterday affecting me here but i'm bullish that there will be a solution. you have three dynamics here at play. you have a president who is significantly stronger, i think, speaker boehner is stronger inside of his conference
. oh, let me guess --ou see this? more washington gridlock. no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> a frightening moment for this woman walking her dog in israel when she heard the warning that a rocket was headed for her neighborhood. she shot this video as she took cover. [ bleep ] . >> you can hear those explosions in the distance, right? she is a teacher in israel, lives about a mile from the gaza border. even though classes are canceled and the children have been evacuated, she has chosen to stay home to take care of her dogs. she joins us now via skype. good morning. >> good morning. >> i guess it's afternoon there. so good afternoon. before we get to your personal story, i'm sure you've heard by now about the bus at
was the extension of the bush tax cuts. president obama wasn't interested in a deal because he didn't have much leverage. that meant any deal would favor the republicans and alienate his core constituencies. you fast forward to now, look, all negotiations go through ups and downs, but the bottom line is that both sides need a deal. if the republicans push us off the fiscal cliff, they will be blamed for the subsequent recession and they'll pay the price in 2014. president obama also needs a deal because history doesn't remember who the speaker of the house was during a period of weak economic growth. the president gets the credit or the blame. he's going to be written about for 300 years and he does not want to preside over eight years of the weakest growth in u.s. history. so, he needs a deal so that the next four years are better than the last four years. >> we'll see. obviously, still the opening days of this process. charlie, the fed chairman in new york yesterday referring to these talks, reiterating how important it is they get done. he coined the term, fiscal cliff, "the washington post"
the president is open to compromise and should republicans make a realistic proposal on taxes, they will meet them halfway. >> math tells us that you can't get the kind of balanced approach that you need without having rates be part of the equation. we haven't seen a proposal that achieves that, a realistic proposal, that achieves that. the reality is, closing loopholes and ending deductions as an alternative to raising rates on the top earners, top 2%, those making over $250,000, sounds good, but you have to look at the actual contents of those proposals. >>> and a new poll shows the majority of americans do want compromise in order to avoid the fiscal cliff. 67% say a deal should be a combination of spending cuts and tax increases. and if no deal is reached by the end of the year, it's clear who will take the majority of the blame, 45% will say it's the republicans' fault in congress compared to 34% for the president. when it comes to the public's expectations of their elected leaders in washington, two-thirds predict they're going to act like spoiled children. >> oh. >> as opposed to respo
's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the diplomatic effort to halt the violence between israel and gaza further complicated after a bomb rips through a public transport bus in the heart of tel aviv injuring 24 people. though they didn't claim responsibility, a tweet from hamas militants to israelis following the attack quoting -- you opened the gates of hell on yourselves. authorities say 142 people have died in
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